By Glen Hallick, MarketsFarm
WINNIPEG, August 22 (MarketsFarm) – ICE Futures canola contracts were trading either side of steady at midday Thursday as bids remain range-bound, said a Winnipeg-based trader.
“The range has been quite tight for a while, but it seems to be getting tighter and tighter as time goes on,” he commented.
The trader noted canola has been well supported, although Chicago soyoil was “crimping canola a little bit” at midday.
He said there has been nothing of significance to spark canola bids either way. However, that could change with the production estimates from Statistics Canada out August 28 and the next supply and demand report from the United States Department of Agriculture on September 12.
The Canadian dollar was lower at midday at 75.17 U.S. cents.
Approximately 6,700 canola contracts were traded as of 10:32 CDT.
Prices in Canadian dollars per metric tonne at 10:32 CDT:
Canola Nov 451.80 dn 1.30
Jan 459.60 dn 0.90
Mar 467.30 up 0.50
May 472.40 up 0.10